Friday, October 29, 2010

Let's take the long view..............

Not sure when the tendency for immediate gratification took hold
in our society, but it sure seems to have us in a strangle hold.  The
"long view" has been crowded out.. Short term thinking dominates
the news, Wall Street, and the political process.  To our detriment,
I think

I suspect that peace, love, and happiness have little to do with
immediate gratification.

The airwaves and blogosphere are now full of stories about the
mortgage and foreclosure crisises.  Most of the problems
seem to stem from both "short term thinking" (borrowing more
that one could afford to repay and lending without concern for
being repaid) and "short cuts" taken along the way by our friends
in the mortgage-backed security business.
More on that we certainly appear here later, but for now.....

Rick Platt, whose blog is worth reading, has become a Joel
Kotkin disciple.  Kotkin takes the long view, the really
long and mostly positive view.  After Rick's latest post, I
went to Kotkin's web site.  Found an interesting essay
titled Why Housing Will Come Back,  here.

Excerpt here:

But over the longer run most Americans will seek to
purchase homes –whatever the geography. Increasingly
this will be less a casino gamble, and more a long-term
lifestyle choice. As America adds upwards of 100 million
more Americans by 2050, the demand will stare us in
the face.

1 comment:

  1. To take an idea from the brillian Michael Lewis, Wall Street lost its long view when the partnerships, Salomon Brothers (actually brothers) for example, went public. The quarterly results and stock prices trumped the long-term relationships with clients and the reputation of the firm, which was also the reputation of the partners.
    People respond to their measurements. If the ruler is this week's sales number we will make that the important thing at the expense of long-term factors.